The organism began mint gold coins at a time when the value of the currency fell sharply.
Interest rates – another standard move by central banks to deal with inflation – more than doubled this month to hit 200% after prices rose annually by 190%.
According to him International Monetary Fund (IMF)in 2021 it ranked as the third country in the world with the most inflation behind Venezuela and Sudan.
Each gold coin will be equivalent to the price of one ounce of gold on the international market, plus a 5% for production costs.
Zimbabwe abandoned its currency in 2009 due to the hyperinflation. And although it was reintroduced later, several currencies are used in the country, including the dollar US and the South African rand.
According to the Governor of the Reserve Bank of Zimbabwe, John Mangudyathese coins will be able to be used in shops, if they have enough change.
round trips
The coin is called “Mosi-oa-Tunya”which means “the smoke that thunders” and refers to the Victoria Fallson the border between Zimbabwe and Zambia.
The value of dollar Zimbabwe’s slumped against major currencies this year.
The country still remembers the economic chaos suffered under the government of the late president Robert Mugabewho ruled for almost four decades.
After the agrarian reform of 2000 Zimbabwe suffered the worst contraction of a peacetime economy in history.
Hyperinflation forced the Zimbabwe dollar out of 2009 and led the country to use foreign currencies, mainly the US dollar.
During the worst of the crisis, the government stopped publishing official inflation figures, but one estimate put the inflation rate at 89.7 sextillion percent a year in mid-November 2008.
At that time, the ticket $100,000 million from Zimbabwe was seen as emblematic of the nation’s economic collapse.
The local currency was reintroduced a decade later, but quickly lost value again.
Source: Ambito
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